Legal News
Cost of moving house rises 60% in ten years (20 April 2015)
Date: 20/04/2015
A study by the Centre for Economics and Business Research has found that the cost of moving house has risen to £12,000 – including estate agents’ fees, Stamp Duty and the cost of removal companies.
The increase means that the cost of moving house has risen 60% in 10 years to the year 2014.
Economists estimate that the cost will continue to rise and hit £15,000 within the next five years, adding to the price of buying a home.
The Coalition government reduced Stamp Duty costs while in government to help homebuyers get on the property ladder. Homes under the £125,000 threshold are not eligible for Stamp Duty. The average price of a new home outside is £188,000 – while in London the average price has risen to £464,000. It is estimated that the average house buyer now needs to find around £90,000 for a deposit.
The Centre for Economics and Business Research says that the cost of moving house can include more than £5,000 in estate agents’ fees, plus £3,600 in Stamp Duty and an estimated £1,400 for conveyancing fees.
Last year, there was a boom in families remortgaging to extend their homes, rather than spend money on moving house and trying to find an affordable home.
Duncan Lewis Property Solicitors
Duncan Lewis property solicitors offer competitively priced conveyancing services to homebuyers – including guiding first-time buyers through the conveyancing process.
Duncan Lewis can also advise homeowners on issues like debt management, as well as mortgage repossession – and Duncan Lewis is a leading firm of Legal Aid solicitors.
In cases where a homeowner has lost their home, Duncan Lewis can advise on Local Authority housing and Section 193 of the Housing Act (council’s obligation to house).
For expert help with housing or property matters – including conveyancing services – call Duncan Lewis property solicitors on 020 7923 4020.